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IPO of Public Development Bank on 28th June 2009

Published by Octron on June 9, 2009

Three IPOs in one month of june is definitely going to create a cash crunch in Nepali Market. Vibor Bikas Bank, Chilime Hydropower Co & now annoucement of Public Development Bank IPO. Public Development Bank will be releasing 6,00,000 ordinary shares amounting Rs. 60 million. NIDC Capital Market Ltd. have been appointed as issue manager for the public issue of Rs. 60 million i.e. 600000 shares. [UPDATED: Collection Center List ]

Public Development Bank Limited was established with a motive to provide not only banking services but also to provide residence, commercial housing complex to the local public and to be engaged in the development work. Nepal Industrial Development Corporation, Nepal Rastra Bank and Nepal Government Employees, Businessman, Industrialists and Diplomats join together to open a Development Bank at Birgunj, Nepal. Besides head office at Birgunj, the bank opened 3 branches in Nepal (Banepa, Hetauda, Dharan) in a span of 12 months and plan to open a new branch shortly.

Public Development Bank Ltd, (PDBL) is a regional level development bank incorporated under the company act 2053 BS. by the courageous conception & endeavors of Mr. K.B. Kayal ( FCA ) & the experienced & dedicated promoters team counting many renowned professional bankers, entrepreneurs, socio-political dignitaries [click here for promoter list].

As at 15th July 2008 authorized capital is Nrs. 200 million, issued capital Rs. 100 million and paid up capital Rs. 60 million. The bank has made of profit of Rs. 5.386 million by poush end 2065 after making loan loss provision. According to Unaudited Financial Result, the bank made 7.3 million profit in the 3rd Quarter Chaitra end 2065( 13th April, 2009). The bank issued 2:1 right shares to its promoters on 10th Chairta 2065.

It is licensed as ‘B’ Class by Nepal Rastra Bank (Central Bank of Nepal). Bank is authorized to conduct Housing and Land Development activities in addition to almost major commercial banking activities expect L/C and opening foreing currency account. It is the 1st private sector development bank in the city Birgunj which is also the gateway of the country Nepal.

The bank is committed to deliver hassle free banking service with utmost loyalty & conviction to the general public and in greatest interest of all the stakeholders. PDB is determined to accompany divergent product offerings including Housing, Land & Building Development etc in addition to tactful mobilization of scattered hoarded resources. It aims at broad coverage of undermined population including child, women, student, senior citizen & retail entrepreneurs. PDB is diverging profit share with low interest margin and also disseminating synergic advantages of financial awareness amongst valued customers, as deemed essential for socio-economic enrichment in present plight of inflating economy.

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Experts Advice: Please read Tips to Apply for an IPO. I hope it will help you decide yourself.

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